Calculate the Tax Liability of Kobe and Whitney Billings and their daughters Chritiana and Kaylan 11 & 15 yrs. Their 2018 tax and other related information is as follows: Compute the Billings 's taxable income. (Show all calculations in good form.) V(12 x 25 = 6) (12 x .25 = 6) Total salaries $160,000 Bank account interest income 3,500 1,500 12,500 Municipal bond interest income Value of employer provided medical insurance Employer paid premiums for $50,000 of group term life insurance 5,500 Dividend income from ABC stock 2,000 Loan from Billy Bob's parents 5,000 15,000 Gift from Billy Bob's Uncle Gain from the sale of qualified small business stock acquired in 2008 18,000 27,000 Total itemized deductions